2 + 2 of 3 ts Book Required Information Problem 21-1A Preparation and analysis of a flexible budget LO P1 The following information applies to the questions displayed below) Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales $3,000, een Cost of goods sold Direct materials $ 975,000 Direct labor 225, eee Machinery repairs (variable cost) 60,800 Depreciation-Plant equipment (straight-line) 380,000 Utilities ($45,000 is variable) 195,000 Plant management salaries 200,000 1.955, eee Gross profit 1,845,000 Selling expenses Packaging 75, eee Shipping 105,eee Sales salary (fixed annual amount) 250,000 430,000 General and administrative expenses Advertising expense 125,000 Salaries 241,000 Entertainment expense 90, eee 456.eee Income from operations $ 159, ese rences